Thom Tillis and Ruben Gallego have sent a bipartisan ethics proposal on the Clarity Act to the White House, adding a new layer to a crypto bill already under pressure from banks and lawmakers. The move comes as the latest version of the measure is still being revised ahead of a floor vote.
The proposal matters because the Clarity Act is meant to give legal clarity to cryptocurrencies while also covering tokenization and stablecoins, and every change now has to survive a more crowded political fight. A separate edition of the bill also includes amendments tied to the GENIUS Act for stablecoins, showing that the text is still being adjusted as negotiators try to keep momentum alive.
That is why the ethics piece has become important now. Trump agreed to a previous ethics provision, but that version left Democrats unhappy, and the latest bipartisan push is an effort to move past that deadlock without reopening the entire bill. The shift also helps explain why the Clarity Act has become a focal point in broader crypto coverage, alongside reporting on whether lawmakers can still find common ground on the next vote.
The stablecoin side of the bill remains the harder problem. Bankers have kept complaining about the stablecoin interest clause, warning that it could push deposits away from banks and into stablecoins. In mid July, Senator Tillis suggested a circuit breaker clause that would let regulators step in if there were significant migration of bank deposits to stablecoins, an idea meant to calm those fears without stripping the bill back to nothing.
Punchbowl News has separately reported that a growing number of Republicans are siding with banks, which only raises the stakes for the next draft. That leaves the Clarity Act in a narrow space: it needs ethics language Democrats can accept, stablecoin changes banks can live with, and enough Republican support to reach the floor vote that lawmakers are now working toward.
